Globetech Ventures Announces Memorandum of Understanding.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--July 10, 2001

Globetech Ventures Corp. (OTCBB:GTVCF), the funding developers of TranslationWave, a real-time language translation infrastructure provider, is pleased to announce that TranslationWave has entered into a Memorandum

Taiwanet.com is backed by CMC Group, a company having business operations in various industries including telecommunication equipment, computer parts and e-commerce. In addition, CMC Magnetics, a division of CMC Group, is the largest CD duplicator and CD Rom manufacturer in the world, with a client list that includes AOL among other major record companies.

Under the terms of the MOU, TranslationWave will provide a link to the Taiwanet family of websites that will provide the translation of online content. Additionally, Tawainet will market the TranslationWave technology to individuals and enterprises that require translation services. Specific details for the scope of work are presently being negotiated.

TranslationWave is a globalization company that transforms the Internet into a truly universal platform of communication, by providing the technology needed for global exposure and multilingual communication. The translation technology suite includes Dynamic and Static Translation, real-time email, database, PC-based software applications, text, chat room and website translation. Where TranslationWave differs from other companies and what is fuelling growth is the E-mail translation function. This feature gives both small and large websites the capability to send and receive translated E-mails from around the globe in order to expand an organization. To learn more visit www.translationwave.com.

Dil Gujral, President of Globetech Ventures Corp. said: "Taiwanet's large existing clientele base and marketing presence will ensure TranslationWave's instant availability and exposure. The Memorandum of Understanding solidifies the reach of TranslationWave's technology into the massive Asian markets where language translation requirements are a growing necessity. The alliance with Taiwanet is a further step towards achieving our goal for global expansion."

About Globetech Ventures

Globetech Ventures Inc., (OTCBB: GTVCF, www.globetechventures.net) is a venture capital firm headquartered in B.C., Canada with a technology development center and marketing branch located in Hyderabad, India. The Company's primary focus is in the development of Internet and technology related projects. Globetech's recent undertaking is the successful TranslationWave Inc., (www.translationwave.com).

Globetech's development center in Hyderabad, India provides access to a talent pool of some of India's best technologists. The Company's presence in India is a strategic move with respect to developing projects, creating marketing presence in the Asian region as well as serving as an outsourcing/consulting division for clients.

For more information on Globetech visit www.globetechventures.net or call 1-800-298-0244. On Behalf of The Board Of Directors GLOBETECH VENTURES CORP. Dil Gujral, President

Except for the historical information presented herein, the matters set forth in this press release are forward looking statements within the meaning of the "safe-harbor" provision of the Private Securities Litigation reform Act of 1995 and section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Although such statements are based on reliable information and past experience, operating results are affected by variety of factors, many of which are beyond the control of the Company. Risk factors and uncertainties effecting actual performance of the Company include quarterly results, sales, customer order patterns, labor, supplies, equipment, technological changes, competition and competitive pressures on pricing; economic conditions in the United States and worldwide, as well as other risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission.